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FB Bancorp, Inc. Announces Expected Closing Date of Initial Public Offering

10/18/2024

By: Biz New Orleans Site Staff

FB Bancorp, Inc. Announces Expected Closing Date of Initial Public Offering

NEW ORLEANS (press release) – FB Bancorp, Inc., the proposed holding company for Fidelity Bank, announced Oct. 18 that all regulatory approvals have been received to complete the bank’s conversion from the mutual form of organization to the stock form of organization and the company’s related initial public offering.

The bank’s members approved the transaction at a Special Meeting of Members held on Oct. 9. The transaction is expected to close on Oct. 22, 2024. The company’s common stock is expected to begin trading on the Nasdaq Capital Market on Oct. 23 under the trading symbol “FBLA.”

The company intends to sell 19,837,500 shares of common stock, which includes 586,655 shares to be sold to the bank’s employee stock ownership plan, for gross offering proceeds (before deducting offering expenses) of approximately $198.4 million based on the offering price of $10.00 per share. The Company expects to have 19,837,500 shares of common stock issued and outstanding upon the closing of the transaction.

The company conducted a subscription offering, which closed on Sept. 20. The offering was oversubscribed in Priority 2 of the offering. Consequently, all valid stock orders submitted by Priority 1 eligible purchasers in the Subscription Offering will be filled in full, Fidelity Bank’s Employee Stock Ownership Plan (as Priority 2 in the offering) will purchase 586,655 shares, and all Priority 3 and Priority 4 subscribers will have their orders refunded. Subscribers wishing to confirm their stock orders may do so by contacting the Stock Information Center at (504) 569-3483. The Stock Information Center is open between 9 a.m. and 5 p.m., Central Time, Monday through Friday, excluding bank holidays.
 
The company’s transfer agent, Pacific Stock Transfer Company, plans to mail Direct Registration System Book-Entry statements for the shares purchased in the stock offering, and interest checks, on or about Oct. 23.
 
Luse Gorman, PC is acting as legal counsel to the Company and the Bank. Performance Trust Capital Partners, LLC has acted as marketing agent for the Company in connection with the stock offering, and Silver, Freedman, Taff & Tiernan LLP is acting as legal counsel to Performance Trust Capital Partners, LLC.

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